08/14/2024
In the world of real estate there are always changes! I am here to keep you informed of the newest change headed your way. 💙 💙💙💙💙
PSA TO ALL HOME BUYERS/SELLERS:
The real estate world is about to incorporate some big changes on August 17th.
Here are some of the things that you should know:
1) On August 17th, any Realtor CANNOT show you any home unless you have signed a Buyer Broker agreement with them. In the the past it has not been a problem to zip over to meet you at a property, we could just show it to you and be done. Starting August 17th, NO Realtor will be able to unlock a door for you without you first signing that agreement, no matter if it is one house or 100. This will be non negotiable for any person with a Realtor designation. This Buyer Broker Agreement is basically the contract between you and that Realtor saying you will be using them to buy a home and breaking down the roles, duties, responsibilities, and potential owed compensation between both parties. This is not something I want to do, but am being required to do after this settled lawsuit. If I show you a home without this agreement signed, I will be fined $2,500.
Picking the agent you want to use to help you buy a home is an important decision and not one that should be forced upon you just to see a home. The good news is that you & I get to decide when it expires, so although you may have to sign one, if you’re not ready yet to fully commit to a Realtor, you can always request an agreement that expires in a day, a week, a month, etc.. Lastly, please don’t yell at your local realtors if they want you to sign something before showing you a home. Also, if someone offers to show without this, please know that is a HUGE violation and be wary of that Realtor.
2) Compensation to buyers agents will no longer be listed on the MLS. Having it listed on the MLS ensured compensation by cooperation between the listing agent and the selling (buyers) agent. Now, we have to call/text the listing agent to see if the seller is offering compensation to buyers agents. I will do everything I can to get my commission covered by the seller, as it has been that way for a generation. However, if that doesn't happen, then the above buyer broker agreement will come into play to pay for my (terrific) services and (wonderful) representation.
Sellers have always had the choice of offering compensation the buyers agents. Regardless what you have heard, this is nothing new and has always been the case. Data has shown time and time again, sellers who offer compensation to buyers agents result in higher sold prices and less days on market.
I want to publicly endorse and encourage that all future sellers offer compensation to buyers agents. I will do everything on my part to encourage my sellers to be buyers agent friendly. If you don't want to offer compensation, understand that you might lose out on the vast majority of buyers that are loyal to their agents. I have already seen a few homes that are offering no compensation to a buyers agent. As I do every time, I tell my buyers that this house is not offering compensation and that if we move forward, they will have to pay me out of their pocket if we get an accepted contract. EVERY TIME they thank me for telling them that and the end up not wanting to see the home. This happens because after the down payment, loan costs, pre payments, ect, they don't have the extra funds.
This is why it is more important than ever to have someone you trust on your side to help you with real estate! 🏡
Deborah Jordan Realtor
817-296-8619
Cozy Nest Properties
Cornerstone Income Properties
